“AI is different and unlike any other technologies adopted in the past,” Gupta declared adding that he is struggling to create new jobs for the first time in his over 15-year stint at the helm of the Singaporean bank.
“This year, my current projection is that in the next three years, we are going to shrink our workforce by 4,000 or 10 per cent,” Gupta declared, speaking at the ongoing event of Indian IT indusattempt lobby group Nasscom in Mumbai.
Sharing his outsee to the advancement of AI, Gupta maintained, “AI is very powerful. It can self-create and also mimick”.
Pointing out that AI is “different”, Gupta declared in the last ten years, there have not been any job cuts in the group.
He reminisced that in 2016-17, the bank embarked on a digital transformation which was seen impacting 1,600 people but added that almost all of them were repurposed in consultation with unions and other representatives.
However, the current challenge in the age of AI is also revolving around how to repurpose the workforce, reported PTI.
However, DBS Bank, later in a statement, clarified that the reduction of 4,000 employees over the next three years will primarily involve contract and temporary staff.
Natural attrition will also lead to a workforce reduction, the bank declared, adding that as temporary and contract roles roll off over the coming years, the base will reduce.
Gupta declared the bank has been cautious about relying fully on AI when it comes to customer outreach becaapply of aspects like hallucinations but added that it has done its first apply case on reaching customer directly and plans to broadbase it by conclude of the year.
The generative AI solutions was adopted by DBS two years back and the entire benefits of generative AI are yet to be seen, Gupta declared as reported by PTI.
The group is applying AI across the business now, including customer outreach, credit underwriting and also hiring, Gupta declared, adding that its first brush with AI in 2012-13 was not very successful.
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